US EditionEU Leaders Agree to Future Ukraine Funds but Make Little Headway on a Plan to Use Russia's Assets
EU leaders agreed to guarantee $165 billion in loans for Ukraine’s 2026-2027 needs while avoiding direct use of frozen Russian assets amid legal and political concerns.
- On Thursday, European Union leaders ordered the European Commission to produce options to meet Ukraine's pressing economic and military needs for 2026 and 2027, ruling out frozen Russian assets as funding.
- Belgium, which holds about 225 billion in frozen Russian assets, refused to approve their use without firm guarantees, with Prime Minister Bart De Wever warning that any action must be collective.
- European Commission President Ursula von der Leyen said `we are not confiscating the assets, but we are taking the cash balances for a loan to Ukraine,` while Luxembourg Prime Minister Luc Frieden urged legal soundness.
- The leaders will consider the European Commission proposals in December, while Russia warned against the move and officials said assets would remain frozen if Moscow refuses.
- Outside the bloc, some Group of Seven nations, including Japan and the United States, hold frozen Russian assets, while Dmitry Peskov called the EU's plans `we call it theft` and the European Central Bank warned of euro risks.
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According to the President of the European Council, the support provided to Ukraine will also include support for defense and the armed forces. However, the package will not use Russia's frozen funds.
EU takes small step toward using Russian assets for Ukraine
BRUSSELS, Belgium: EU leaders on Thursday tasked the European Commission to move ahead with options for funding Ukraine for two more years, leaving the door open for a mammoth loan using frozen Russian assets. In broadly-worded conclusions adopted after marathon talks in Brussels, EU leaders stopped short of greenlighting plans for the 140-billion-euro ($162-billion)
The wheel is still spinning and EU leaders are looking for agreements that seem increasingly complicated. That has happened again this Thursday at a new summit of the European Council in Brussels which, moreover, has been loaded with issues but with all eyes on the use of much of the Russian frozen assets for the reconstruction of Ukraine: there are around 140 billion euros ready to go to Kiev. And the bloc has taken a small step on the subject,…
European Union leaders on Thursday ordered the executive branch of the bloc to present options to meet Ukraine's most urgent economic and military needs over the next two years.
Moscow's oil and gas revenues are to be reduced. The December summit will decide on the use of Russian funds to support Ukraine
EU leaders agree to future Ukraine funds but make little headway on a plan to use Russia's assets
European Union leaders have ordered the bloc’s executive branch to come up with options for meeting Ukraine’s pressing economic and military needs over the next two years. But they did not agree to use frozen Russian assets to fill the gap for now. Belgium holds the bulk of Russia’s frozen assets. It refused Thursday to approve a plan to use the funds as collateral for a loan for Ukraine and is likely to require more assurances before doing so. …
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